LONDON, Oct 19 (Reuters) - Britain wants the European Union to give 10 billion euros a year by 2020 to help developing nations tackle climate change, finance minister Alistair Darling said on Monday, pledging to contribute a tenth of that fund.
Hopes that a new global deal on climate change could be struck this year have faded somewhat, with talks stalling on how big a cut in carbon emissions developed nations should have to make by 2020 and what aid should be given to poorer countries.
Britain believes the developing world will need at least 100 billion euros ($149 billion) a year by 2020 to reduce emissions by enough to offset the worst effects of global warming.
Darling will tell EU finance ministers in Luxembourg on Tuesday that at least 30 billion euros of that fund should come in direct funding, with the United States matching the EU's contribution and the rest coming from other mature economies.
Up to 20 billion euros a year should come from richer emerging economies such as China and the remaining 50 billion euros could be sourced from carbon markets.
'We need to recognise there are responsibilities on both sides,' Darling said ahead of the meeting.
'Europe must play a critical role both by showing leadership and by bringing developed and developing nations together around a common action plan.'
Treasury officials say the call is meant to spur discussion ahead of a meeting of finance ministers from the G20 group of developed and emerging economies in Scotland in November.
Britain wants that G20 meeting to agree on a small number of options for a climate finance fund, probably to be managed by the World Bank, although there are concerns that the United States and China could be difficult to win over.
Prime Minister Gordon Brown has urged global leaders to go to the U.N.-led Copenhagen conference in December to help broker a deal.
(Reporting by Matt Falloon; Editing by Ruth Pitchford) ($1=.6694 Euro) Keywords: BRITAIN ECOFIN/CLIMATE (UK Economics desk, uk.economics@reuters.com, Tel: +44 207 542 1894) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Hopes that a new global deal on climate change could be struck this year have faded somewhat, with talks stalling on how big a cut in carbon emissions developed nations should have to make by 2020 and what aid should be given to poorer countries.
Britain believes the developing world will need at least 100 billion euros ($149 billion) a year by 2020 to reduce emissions by enough to offset the worst effects of global warming.
Darling will tell EU finance ministers in Luxembourg on Tuesday that at least 30 billion euros of that fund should come in direct funding, with the United States matching the EU's contribution and the rest coming from other mature economies.
Up to 20 billion euros a year should come from richer emerging economies such as China and the remaining 50 billion euros could be sourced from carbon markets.
'We need to recognise there are responsibilities on both sides,' Darling said ahead of the meeting.
'Europe must play a critical role both by showing leadership and by bringing developed and developing nations together around a common action plan.'
Treasury officials say the call is meant to spur discussion ahead of a meeting of finance ministers from the G20 group of developed and emerging economies in Scotland in November.
Britain wants that G20 meeting to agree on a small number of options for a climate finance fund, probably to be managed by the World Bank, although there are concerns that the United States and China could be difficult to win over.
Prime Minister Gordon Brown has urged global leaders to go to the U.N.-led Copenhagen conference in December to help broker a deal.
(Reporting by Matt Falloon; Editing by Ruth Pitchford) ($1=.6694 Euro) Keywords: BRITAIN ECOFIN/CLIMATE (UK Economics desk, uk.economics@reuters.com, Tel: +44 207 542 1894) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.